Required information The following information applies to the questions displayed below. The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 520 units $9$4,680 Apr. 21 Purchased 320 units $ 113,520 July 25 Purchased 400 units 145,600 Sept. 19 Purchased 210 units 163,360 During the year, The Shirt Shop sold 1,170 T-shirts for $25 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average Required information The following information applies to the questions displayed below. The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 520 units $ 9$4,680 Apr. 21 Purchased 320 units 11-3,520 July 25Purchased 400 units $14 -5,600 Sept. 19 Purchased 210 units 163,360 During the year, The Shirt Shop sold 1,170 T-shirts for $25 each b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO, (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs b Required B GJ Required B GJ Required B GJ Required BT Required BT Required B T Required EB FIFO LIFO WA Acc FIFC Acc LIFO Acc WA Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information The following information applies to the questions displayed below. The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 520 units $ 9-$4,680 Apr. 21 Purchased 320 units $113,520 July 25 Purchased 400 units $ 145,600 Sept. 19 Purchased 210 units 16- 3,360 During the year, The Shirt Shop sold 1170 T-shirts for $25 each. c.Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Difference in gross margin between the FIFO and LIFO cost flow assumptions